Officials propose slashing fees to spur housing construction

• These fees can account for up to nearly 7% of all development costs, adding tens of thousands of dollars to a project's bottom line. It's often the difference between breaking ground or shelving plans entirely, according to a 2023 city-commissioned study.

What they're saying: Wilson said at a press conference that by temporarily waiving the fees the city can "turn stalled plans into real homes for real people."

• Kotek added that the policy "is a strategic way to say we are open for business, that we need that help with the private sector to get these projects to pencil."

Yes, but: The budgets of several city bureaus are funded by these fees. On top of a looming citywide budget shortfall, the mayor acknowledged that there will be "some holes" in revenue due to the proposal.

• "It's not going to have an immediate impact in this next fiscal year, but that gives us a year to start determining what's next on the planning and we can then begin the fundraising conversations," he said.

What we're watching: The City Council will need to approve the policy before it goes into effect.